Value You Can Measure
Pittsfield property owners have a whole host great reasons to replace their windows. Fixing leaky windows, renewing the style of your home etc… Many such features should be quantified quite precisely.
Firstly, windows retain about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This places windows among the top 5 home improvement investments in terms of value retention.
In terms of energy savings, homeowners in Pittsfield, could have major declines on annual costs for energy. If you already have dual pane windows you could save approximately $170.25 compared to $172 in Concord. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $460.24 per annum, compared to $472 in Concord.
Increase your Pittsfield Home’s Asking Price through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows may add to the asking price of your home. As mentioned before, windows preserve most of their initial value especially given their long life expectancy. At a rate of 72.3% estimated for 2020 an average total window replacement job costing $17,925 would preserve $13,018 of its initial value.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to estimate : What’s the return on investment on energy savings on the market? What follows is what we estimated in Pittsfield:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Pittsfield, your home value could increase by around $1021.49 and $1494.77 for a mid-tier or top-tier Pittsfield home respectively. Compare this to, the same upgrade in Concord may get you somewhere between $1032 and $1510.16.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Pittsfield homeowners may expect an estimated home value increase of between $2761.47 for mid-tier homes and $4040.95 for the top tier. Compare this to between $2832 and $4144.16 in Concord.
In other words, a window upgrade in Pittsfield can add anywhere from 0.46% percent and 1.8 % percent to the asking price of your home by way of the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained upfront worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Pittsfield homeowner is quite clear.
The variation between the range for Pittsfield and Concord, which for reference, would yield a potential premium range of 0.46% percent and 0.67% percent respectively, is derived from a number of factors, principally; the -0.11% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price point in the Concord region, and heating & cooling price differences between Pittsfield and Concord.
The data presented is based on EnergyStar, the NREL,Department of Energy and professional research executed by the NAHB. Pittsfield home value data is provided by Zillow.
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